Renter's insurance covers a renter's property in the event that it's damaged or destroyed while in the apartment or rented house. Policies usually cover fires, floods and other natural disasters; certain policies also cover theft. Landlords may require renters to carry rental insurance to avoid lawsuits if televisions or other property is destroyed.
Actual Cash Value
Renter's insurance policies may reimburse you for the actual cash value of big-ticket items such as televisions and computers, according to Small Planet Guide. This means that if something happens to your television, your renter's insurance will likely reimburse you for the television's value at the time of loss, even if you paid more for it than its value. For example, if you bought your TV several years ago for $1,500, your set may only be worth a few hundred dollars now; this is the amount you're covered for.
If your television is stolen, your renter's insurance policy may not cover it. Renter's insurance policies differ regarding theft coverage; talk to your insurance agent to confirm that theft is covered and find out what you must do in the event of theft. Always report theft to the police, as policies may only cover stolen items if you have a police report proving the property was stolen.
Renter's insurance policies usually don't cover items belonging to your roommates. Roommates should get their own policies to protect themselves from loss or theft. If you intend to live with a roommate for an extended period of time, you may add her to your policy rather than purchasing separate policies. If a roommate is on your policy and moves out, contact your insurance company to remove her.
Television in Garage
Renter's insurance policies may cover items stored in your garage or in a separate storage facility, though certain policies may require you to purchase additional coverage for stored items. If your television is in your garage, ask your insurance agent if you need to purchase an additional policy to cover it in the event of loss or damage.
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- Nationwide. "How Much Is Renters Insurance?" Accessed Jan. 27, 2020.
- USAGov. "Property Insurance." Accessed Jan. 27, 2020.
- Allstate Insurance Company. "Can Renters Buy Flood Insurance?" Accessed Jan. 27, 2020.
- Allstate Insurance Company. "Is Jewelry Protected by Renters Insurance?" Accessed Jan. 27, 2020.
- Independent Insurance Agents & Brokers of America, Inc. "Going Bare: Millions of Renters Lack Insurance Coverage, Survey Shows." Accessed Jan. 27, 2020.
- Farmers Insurance. "Do I Really Want Renters Insurance?" Accessed Jan. 27, 2020.
- Farmers Insurance. "New York Insurance Discounts." Accessed Jan. 27, 2020.
- Nationwide. "Property Insurance Claim." Accessed Jan. 27, 2020.
Jack Ori has been a writer since 2009. He has worked with clients in the legal, financial and nonprofit industries, as well as contributed self-help articles to various publications.